DocMagic’s Total eClose Enables First Completely Paperless Digital Closing – NMP Skip to main content

DocMagic’s Total eClose Enables First Completely Paperless Digital Closing

NationalMortgageProfessional.com
Nov 30, 2016
DocMagic Inc. has announced that it has successfully completed the mortgage industry’s first comprehensive eClosing in Massachusetts

DocMagic Inc. has announced that it has successfully completed the mortgage industry’s first comprehensive eClosing in Massachusetts, which included both lender and closing/settlement agent documentation, for radius financial group inc.

Unlike other eClosing technologies, DocMagic’s Total eClose solution is a single-source platform that contains all of the components needed to facilitate a completely paperless digital closing. Paramount to achieving the end-to-end eClosing was eNotarization services provided by strategic partner World Wide Notary (WWN). Once the eClosing process begins, documents requiring notary acknowledgment are automatically grouped by the system and electronically executed in the presence of the notary.

“There are a few mortgage technology vendors that have been working to deliver an eClosing for some time now, but they have all fallen short in various ways,” said Dominic Iannitti, president and chief executive officer of DocMagic. “Most of these solutions are merely hybrids that require certain documents to be executed on paper and often force lenders to maintain numerous complex integrations. With Total eClose, however, you work with a single vendor, on a single platform, and clients need only access DocMagic or the company’s SmartCLOSE system to seamlessly and compliantly fulfill a paperless closing.”

DocMagic's solution includes all of the critical components required to execute a fully digital eClosing transaction: Its eDocument library that features eSignature, eNotary and MERS eRegistration capabilities, and the system automatically stores all data and documents within a secure eVault designed to make investor eDelivery simple. The platform creates a fully-compliant eClosing process that guides users through every step, logs all activities and creates an irrefutable audit trail.

Also key to DocMagic enabling radius’ first eClosing was the participation of Santander Bank, which served as the eWarehouse lender.

“In addition to having integrated eNotary capability, one of the last remaining obstacles to adoption has been the reluctance of warehouse players to fund eNotes,” said Tim Anderson, director of eServices at DocMagic. “We helped test and implement an eWarehouse process to eDeliver acceptance of the eNote to Santander Bank within seconds after the eClosing was completed. This is an industry-altering achievement.”

DocMagic maintains detailed evidence of TRID compliance from the original loan application and Loan Estimate (LE), to delivery of the final Closing Disclosure (CD) with data, compliance determinations, calculations and documents, all stored within DocMagic’s eVault for proof of compliance.

DocMagic’s integration with World Wide Notary (WWN) is an exclusive partnership for eNotarizations. Founded in 2003 and based in Vernon, Texas, WWN is the developer of DigaSign, a proven solution that enables efficient, electronic notarizations.

Published
Nov 30, 2016
More from
Tech
Redfin Expands iBuying Business To Florida

RedfinNow, which makes cash offers for homes, now operates in 34 markets in 16 states and the District of Columbia.

Tech
Aug 11, 2022
MISMO Seeks Public Comment On 3 eMortgage Resources

Updates proposed to MISMO Business Glossary, eMortgage Glossary, and eModification Reference Flyer.

Regulation and Compliance
Aug 05, 2022
Deal With Opendoor Allows Zillow Back Into iBuying Business

As it releases rough 2Q earnings report, Zillow announces partnership with former rival.

Tech
Aug 04, 2022
ATTOM Sells Off RealtyTrac, Homefacts

Websites now the property of Nations Info; financial terms of the deal were not disclosed.

Industry News
Aug 01, 2022
UWM Among Companies Selected To Host AI Bootcamp 

Mark Cuban Foundation’s Artificial Intelligence Bootcamp initiative teaches AI concepts to underserved high school students.

Industry News
Aug 01, 2022
Ribbon Expands into Kentucky; Now In 15 States

Cash-offer fintech expands to Louisville market with partner Finish Line Realty.

Industry News
Jul 26, 2022